Data Reveals China VT Market Trends

China Elevator Association Secretary General Zhang Lexiang recently shared data painting a detailed picture of the vertical-transportation (VT) market in China, including that it experienced an “unprecedented elevator production drop” of 9% in 2024. The downturn in China’s real estate sector caused demand to contract by approximately 24% in 2024. However, the overall elevator market “remained more resilient than expected” thanks to demand for residential elevators and modernization, as well as products for export, Lexiang said. Domestically, unit deliveries decreased from 1.14 million units in 2023 to 1.04 million units in 2024, reflecting the 9% production drop. On the flipside, exports were robust, with mainland China exporting 102,000 elevators and 13,000 escalators and moving walks in 2024, representing a 17.3% increase compared to the 98,000 units exported in 2023. The Chinese government says a total of 11.32 million VT units were registered domestically in 2024, reflecting a 8.49% year-on-year increase with a net addition of 902,600 units.